Riyadh – Mubasher: The net losses before Zakat of Alinma Tokio Marine Company plunged by 95.75% to SAR 1.448 million in 2020, compared to SAR 34.03 million in 2019.
The decline in net losses is attributed to lower incurred net claims by 43.9%, policy acquisition costs by 16.1%, and mathematical reserves by 133.6%, as well as higher underwriting income by 190% and investment income by 10.9%, according to a bourse filing on Monday.
The company's net written premiums decreased by 26.481% to SAR 124.453 million last year from SAR 169.281 million in 2019.
The loss per share settled at SAR 0.19 in 2020, against SAR 1.27 in the earlier year.
Meanwhile, the company incurred accumulated losses of about SAR 98.427 million as at the end of 2020, representing 32.81% of the paid-up capital.
It is noteworthy to mention that during the third quarter (Q3) of 2020, the company swung back to net profits of SAR 1.250 million, against net losses of SAR 7.3 million in the corresponding quarter a year ago.
